Libya’s crude oil exports have plummeted to approximately 400,000 barrels per day (bpd) this month from August’s 1.02 million bpd, according to port and shipping data.
The OPEC member is grappling with a political crisis that has significantly slashed its output.
The majority of Libya’s crude exports this month were destined for Italy and Greece, with some heading to China and Canada.
The ongoing political standoff has resulted in the closure of much of Libya’s oil production.
The crisis began last month when western Libyan factions attempted to remove the central bank governor, prompting eastern factions to declare a shutdown of all oil output.
The National Oil Corporation, responsible for managing Libya’s fossil fuel resources, has not declared force majeure on all port loadings, opting to use the measure on individual cargoes.
The corporation declared force majeure on all crude production at El Feel oilfield on September 2 and on exports from the Sharara field on August 7, prior to the central bank crisis.
On August 28, the corporation stated that oil production had dropped by more than half from typical levels to around 590,000 bpd, but has not released any updated production figures since.